Florida Home Loan, Florida Mortgage Broker, Mortgage Lender, Lenders - Florida Home Loan For A Home Equity Mortgage

A home equity line of credit is a mortgage taken out against the equity of your home. What is unique about this form of mortgage is the fact that you may open a line for, let's say, $100,000. The $100,000 is available to you to borrow if you would like, or need, by just writing a check. You may open this line and take a Cash at the time of your closing by asking for a full draw immediately, or you may wait 6 months or even years before taking even your first draw.

You will only make payments IF you draw against your line. Your payment is based only on your outstanding draw. This is very much like a credit card. Your payment every month is based on your balance. This is a revolving line of credit.

Also like a credit card, your rate is based on prime rate plus or minus a margin. As the prime rate makes adjustment up or down...so will your rate.

You may borrow against the equity of your house at any time by writing a check.
Your payment is based on your current balance and not based on your total line of credit.
You will have an option to make interest only payments for the first part of the 30 year term.
You may pay off the balance without a prepayment penalty.
You may pay off the balance without closing the account.
A Home Equity Mortgage can be opened simultaneously with a refinanced 1st usually without cost and without borrowing against the line at that time.
You may borrow against your line by writing a check over and over again. (No need to refinance to get cash out of your mortgage.)
Home Equity Mortgages are available as a first mortgage!
First position Home Equity Mortgages do not require escrows of taxes and insurance, although proof will be necessary.
You may refinance your mortgage with a home equity line of credit.
There are programs available with little, and sometimes, no closing cost.
Home equity loans can be used to help purchase a home by providing a loan for part of the purchase price. Commonly used to create a low down payment or even a no down payment purchase.
Lenders many times will pay for the appraisal for this type of loan.
Talk to one of our Home Mortgage Experts today!